It’s traditional (and has become quite a habit) for the average person to create a New Year’s resolution list: goals, strategies, and aspirations to focus on and stay committed to for the New Year. Well, if you’re a business owner, shouldn’t you make a list for your business too? This is the best time to analyze its progress (and shortcomings) from the previous year before brainstorming and setting goals for the new one. Let’s review some key factors:
Consider the other companies you’re competing against and what they offer. Are their services similar to yours? If so, what will you do to stand out? If not, prove that your business caters more to the needs of your clients. Here are a few ideas:
- Be a trusted resource by offering clients expert insight and suggestions
- Offer a valuable service unique to a customer’s experience
- Cater to a specific, yet rare industry
- Solve a problem that your competition can’t
Get down to the nitty-gritty: how is your business getting recognized? With marketing strategies constantly changing, what worked for you last year may not work this year. Analyze your options:
- Digital marketing & online presence (social media, online forums, etc.)
- Word of mouth and networking (business cards!)
- Hosting a big promotional event
Updating Prices & Payment Options
If your products and services have been successful, or if they haven’t, take into account the rate you’re charging and why. Entrepreneur lists some pretty great reasons of when and why you should consider changing your prices, such as who you’re attracting and what competitors are charging. Also, when providing various methods of payment options, it’s important to have what’s most convenient for both your business and your clients. For example, If cash was your only accepted form of payment last year, introducing credit card or online payments for the new year may attract new clientele.
This is YOUR business, the idea YOU made a reality. Whatever affects you, affects your business. Think about anything that may hinder your productivity, and eliminate it. Business News Daily explains the importance of business owners learning to manage stress to prevent becoming overworked and overwhelmed.
Enter into 2017 with optimism and ambition. Owning a business is no joke. . . you’ve made it this far! And if you need any startup assistance for the new year, we cater to small businesses just like yours.
Emerge wishes you a happy and successful new year!